First Advisor

David Wolf

Date of Award


Document Type


Degree Name

Bachelor of Arts (B.A.) in Political Science and University Honors


Political Science


Global Financial Crisis (2008-2009), Cyprus -- Economic conditions -- 21st century, Finance -- Cyprus -- History -- 21st century, Banks and banking -- Cyprus -- History -- 21st century, Cyprus -- Foreign economic relations -- European Union countries




The dawn of the 21st Century brought with it one of the greatest global financial crises in history. Among the greatest affected were several members of the recently-formed Eurozone – the so-called "PIIGS States," or Portugal, Ireland, Greece, and Spain. As part of their position with the Eurozone, these states were compelled to accept harsh structural readjustment programs in order to stabilize their economies. This thesis examines the case of Cyprus, one of the most recent joiners of the Eurozone and one of the states most affected by the global financial crisis, and the negative implications of a state ceding sovereign control of its monetary policy to a supranational organization.


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